Bitcoin Finance Company (BTCT)the provider of institutional lending and liquidity services said it purchased 292.80 bitcoin.

$43 million ($31.6 million)launches accumulation strategy aimed at building a robust digital assets Ministry of Finance.

The Toronto-based company said it plans to use ownership to support its institutional loan operations, deeming Bitcoin both a long-term reserve asset and an important part of its revenue model.

With the $125 million raised from recently completed intermediary stock offerings and revenues resulting from the purchase of BTC, Bitcoin Treasury aims to provide institutional-grade services related to the digital asset economy. It said it will focus on disciplined risk management and shareholder value creation as it will take on leadership in Bitcoin-backed financial solutions.

The company’s shares are scheduled to begin trading at TSX Venture Exchange on June 30th. Following the reverse acquisition of 2680083Alberta Ltd., shares in the merged entity were listed on C$10 on Thursday and were immediately suspended by the exchange.

Neither BTCT nor 268 shares were previously listed, but the merger is a shortcut for companies that allows BTCT to become a public company without traditional IPOs, using 268 as a private shell vehicle specifically set up for this purpose.

The service included several financial institutions, including Canaccord Genuity, Stifel, National Bank Financial Markets, BMO Capital Markets and CIBC Capital Markets.

Publicly listed companies have bought roughly 157,957 Bitcoin (BTC) as of May 1, accounting for 96% of the 164,250 BTC projected to be mined throughout the year.

Bitcoin Treasuries data shows that private companies added another 16,799 BTC to their holdings during the same period, while Bitcoin exchange-traded fund (ETF) issuers acquired 34,968 BTC. 

Combined, these three groups purchased 192,925 BTC during the first four months of the year. This total surpasses the annual expected supply of newly mined Bitcoin by 17%, suggesting ongoing demand pressure from corporate and institutional entities.

Strategy continues to lead among public entities, acquiring 107,155 BTC so far this year. That alone represents nearly two-thirds of the public company supply and over 65% of the new supply. 

The firm’s purchases continue to shape the corporate Bitcoin accumulation narrative, although the broader trend now includes a range of mining companies, financial firms, and treasury reserve managers.

Institutional demand surpasses issuance again

The current accumulation follows an even more aggressive purchasing cycle in 2024, when publicly listed companies acquired 331,141 BTC. Strategy was responsible for 257,250 BTC of the total.

Private companies reduced their exposure last year, selling 3,204 BTC, while ETF issuers accumulated 518,018 BTC. Collectively, these three categories acquired 845,955 BTC in 2024.

For context, roughly 217,518.75 BTC were mined throughout 2024, which means corporate and institutional demand was nearly 4x higher than the mined supply 

The addition of balance-sheet-driven ownership is increasingly measurable. Publicly disclosed purchases alone now represent a meaningful share of the circulating supply, reducing the availability of liquid BTC in secondary markets.

Growing impact of absorption rates

While ETF activity has moderated compared to the previous year, the impact of sustained inflows remains material. 

ETF issuers accounted for over 500,000 BTC acquired in 2024 but have added under 35,000 BTC so far in 2025. The slowdown may reflect stabilizing secondary market demand or the maturity of the initial post-approval inflow cycle. 

Despite the slowdown, ETFs and corporate treasuries remain the dominant absorbers of newly mined coins. Additionally, the total amount of Bitcoin bought so far this year means institutional accumulation is absorbing the entire new supply and drawing from existing reserves.

The shift in BTC ownership structure is ongoing, with increasingly larger shares of supply being locked into long-term holdings by entities with multi-year horizons and lower liquidity turnover.

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Hidden Road, the prime brokerage firm that’s being acquired by Ripple, has obtained approval to operate as a U.S. broker-dealer from the Financial Industry Regulatory Authority (FINRA), the company said Thursday.

The license, granted to its subsidiary Hidden Road Partners CIV US LLC, will allow the firm to expand its fixed income prime brokerage platform, according to the press release. With the broker-dealer status, the firm plans to offer institutional clients a broader range of regulatory-compliant services in clearing, financing and prime brokerage of fixed income assets.

“[This] is a significant step in the development of Hidden Road’s fixed income prime brokerage platform and bolsters our capabilities in traditional financial markets,” Noel Kimmel, the firm’s president, said in a statement.

The development follows Hidden Road’s announcement earlier this month that it had entered into an agreement to be acquired for $1.25 billion by Ripple, the blockchain infrastructure services firm closely associated with the XRP Ledger (XRPL) network. The acquisition is subject to regulatory approval and expected to close in the coming months.

Backed by Ripple’s resources, Hidden Road said it expects to scale services significantly and position itself as one of the largest non-bank prime brokers. The firm also said earlier that it plans to migrate its post-trade operations onto the XRPL network, aiming to reduce costs and streamline settlement processes.

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